Economy

Expected South Dakota corn, soybean acres almost unchanged

Expected South Dakota corn, soybean acres almost unchanged

For the first time in a few decades, farmers are saying they will be planting more soybeans than corn. - Winter wheat planted area, at 32.7 million acres, is up slightly from both a year ago and the previous estimate.

Ray Gaesser, who grows corn and soybeans on 6,000 acres in southwest Iowa near Corning said planting intentions often change and acres devoted to corn and soybeans could rise from the estimates.

Acreage increases are projected in 15 of the 17 cotton producing states in the U.S. Only Louisiana, Mississippi and Virginia showed slight decreases.

The government said soybean acreage will total 88.982 million in 2018, down from 90.142 million acres a year ago.

Read the full report for additional state by state information. If realized, the planted area of soybeans in Indiana, Kentucky, North Dakota, Pennsylvania, and Wisconsin will be the largest on record.

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The U.S. Department of Agriculture says in its annual prospective planting report released Thursday that farmers intend to plant 89 million acres (36 million hectares) in soybeans and 88 million acres (35.6 million hectares) in corn. North Dakota also will plant the same as past year.

USDA forecast that farmers will boost their winter wheat seedings and spring wheat other than durum seedings. - Durum wheat is expected to total 2.00 million acres for 2018, down 13 percent from previous year. NASS Thursday also released the quarterly Grain Stocks report to provide estimates of on-farm and off-farm stocks as of March 1.

USA soybean supplies as of March 1 totaled 2.107 billion bushels, up 21 percent from a year earlier, USDA said in its quarterly stocks report.

Wheat stocks as of March 1 fell to 1.494 billion bushels from 1.659 billion bushels a year earlier. On-farm corn stocks were 5.002 billion bushels, up 2% from last year, and off-farm stocks were 3.886 billion bushels, up 5% from a year ago. On-farm stocks of wheat were 259.31 million bushels, down 26% from 349.5 million bushels a year ago, while off-farm stocks were 1.235 billion bushels, down 6% from 1.309 billion bushels in 2017. Analysts had been expecting wheat stocks of 1.498 billion bushels, according to the average of estimates in a Reuters survey. - Durum wheat stored totaled 49.2 million bushels, down 7 percent from March 1, 2017.